Sixth Street Injects $400 Million More Into BP Pipelines Venture

Sixth Street invested $400 million more into a joint venture with an arm of BP Plc that owns US pipelines, a person with knowledge of the matter said.

(Bloomberg) — Sixth Street invested $400 million more into a joint venture with an arm of BP Plc that owns US pipelines, a person with knowledge of the matter said.

BP Pipelines sold a 49% stake in a US affiliate to Sixth Street in 2021 for about $700 million, forming the basis of a joint venture for future midstream investments, Bloomberg News reported at the time. The ownership split remains the same following the latest transaction, which funded the addition of interests in pipelines tied to Whiting, the energy giant’s largest refinery, among others, said the person, who asked not to be identified discussing confidential information.

A Sixth Street representative declined to comment. BP didn’t immediately respond to a request for comment.

Sixth Street, which oversees more than $74 billion in assets, said in July that Goldman Sachs Group Inc.’s Julian Salisbury would join the firm as co-chief investment officer. Its infrastructure and energy team has previously partnered with global energy companies including Italy’s Eni SpA.

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